asreported (6)

On September 30, 2020, Peace Frog International (PFI) (a U.S.-based company) negotiated a two- year, 1,600,000 Chinese yuan loan from a Chinese bank at an interest rate of 4 percent per year. The company makes interest payments annually on September 30 and will repay the principal on September 30, 2022. PFI prepares U.S. dollar financial statements and has a December 31 year- end. Relevant exchange rates are as follows: U.S. Dollar per Chinese Yuan ( CNY) $0.160 Date September 30, 2020 December 31, 2020 September 30, 2021 December 31, 2021 September 30, 2022 0.165 0.180 0.185 0.210 a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in U.S. dollars on the loan in each of the three years 2020, 2021, and 2022.

5:11 all IR1_MIDTERM_20201.pdf Central Bank Certificates of Indebtedness 3-month Central Bank Treasury bills, maturing on January 31, 2017 3-year Treasury note, acquired three months from its maturity datc of January 31, 2017 3-year Treasury note, acquired 2 years ago, maturing on January 31, 2017 The amount to be included from çash and cash equivalents is a. P2,500,000 P. 500,000 350,000 450,000 600,000 800,000 b, P1,700,000 c. P1,900,000 d. P1,100,000 40. On January 1, 2017, Prague Company sold its goods costing P400,000 to Budapest Company. Prague Company maintains a mark-up of 30% on cost. Budapest Company issued a promissory note that provides for equal annual installments that will yield 12%. The first installment would be made at the end of the current year and the last on December 31, 2021. Prague Company uses the calendar year for reporting purposes The annual collections is a. 99,075. b. 110,964 c. 128,797 d. 144,253 41. The information that follows is available from the…

Required Prepare journal entries to record Peru's 2023 and 2024 summarized transactions and the adjusting entries to record bad debt expense at the end of each year Problem S-11A Notes receivable LO4 CHECK FIGURES: d. Interest income $454.93 e. Cash-$90,499.32 Vauxall Holdings showed the following information regarding its notes receivable Note 1 3 Date of Note Nov. 1/22 Jan 5/23 Nov 20/23 Dec. 10/23 Principal $240,000 100,000 10.000 +0,000 Interest Rate 4.0% 5.0% 4.5% 5.5% Tem 100 days 90 des 45 days 30 days Maturity Date Required For each note a. Determine the maturity date b. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxall Holdings' year-end) e. Calculate the amount of accrued interest, if any, at December 31, 2023, Days of Accrued Interest at Dec. 31, 2023 Accrued Interest at Dee. 31, 2023* For Note 3: 4. Prepare the entry to record the accrued interest at December 31, 2023 e. Prepare the entry to record the collection on the maturity date. Assume that…

If we prepare financial statement for 31 december 2021, what should we enter in balance sheet and comprehensive income statement about this transaction? Cash at bank includes EURO 5,000. Currency rate on 31 December 2021 was 1.2EUR/1USD, currency rate on the date of trial balance preparation was 1.25EUR/1USD

PT A has foreign currency balances as of December 31, 2015 as follows: Account name Foreign currency Balance as of December 31, 2015 Bank USD 100 Rp 1.100.000 Account Receivable USD 200 Rp 2.200.000 Account Payable USD 300 Rp 3.300.000 Capital Stock USD 400 Rp 4.400.000 (according to the deed) Required Compute and make adjusting entries on arising if the BI middle rate on December 31, 2015 was 1 USD is Rp 12,000!

On 14 December 2021, Catz Zone Enterprise received the monthly bank statement for the month of November 2021. The bank statement showed the following information: Union Bank Berhad DateDescription Payments (RM) Receipts (RM) Balance (RM) 1 NovBalance b/d 21,000 3 314566 500 20,500 4 Cheque Deposit- 203201 22,150 21,500 1,650 6. 314567 650 8. 314568 710 20,790 Cheque Deposit - 432512 314569 9. 1,080 19,710 15 800 18,910 19,710 20,210 16 Cheque Deposit - 113998 800 20 Credit Transfer 500 23 Direct Debit 300 19,910 19,610 19,951 24 314570 300 Cheque Deposit - 145321 Bank Charges 26 341 100 19,851 28 The cash records prepared by Catz Zone Enterprise for the month of November 2021 were as follows: Cásh Receipts Journal (Bank column only) Cheque no. Amount (RM) Date Particulars 203201 1,650 3 Nov Sales 432512 1,800 8. Mariam 754654 1,000 13 Andy 113998 800 15 Svera

Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001     Date: 5 January  2021  Received from:        Mr S Zulu   R c Amount: Rand Ten thousand  rand only       Cent: None   10 000 00 For: Settlement of account (electronic funds transfer)   Africa Traders Signature: S Africa     Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document? Select one: a. Debit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65, and credit the Bank account with R10 000.   b. Debit the Bank account with R10 000, and credit the trade receivables control account with R10 000.   c. Debit the Bank account with R10 000, and credit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65.   d. Debit the trade receivables…

An entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank statement balance 4,000,000 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,000,000 Cash in sinking fund 1,500,000 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 2,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020?

★ Problem 1-6 (IAA) Cavalier Company provided the following information on December 31, 2021: Accounts payable Notes payable-bank Interest payable Mortgage note payable -10% Bonds payable ✰ 6,600,000 8,000,000 Bank notes payable include two separate notes payable to First Bank 150,000 2,000,000 4,000,000 A P3,000,000, 10% note issued March 1, 2020, payable on demand. Interest is payable every six months. A one-year, P5,000,000, 11% note issued January 2, 2021. On December 31, 2021, the entity negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note to be issued January 2, 2022. The 10% mortgage note was issued October 1, 2020 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On December 31, 2021, the entity is three months behind in paying the required interest payment. Required: Compute total…

Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank-checking account U.S. Treasury bills (mature in 60 days)* Cash on hand (currency and coins) U.S. Treasury bills (mature in six months)* Undeposited customer checks *Purchased on 11/30/2024 Required: $ 22,500 5,000 1,350 10,000 1,840 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. 2. For each of the items not included in your answer to requirement 1, select the correct classification of the item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. Cash and cash equivalents includes: Total Required 1 Required 2 $ 0 For each of the items not included in your answer to requirement 1, select the correct classification of the item.

Please solve in (IFRS) principles method not (FASB) Question one: Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on 1/10/2020. The investment bank collected 2.5 as bank financing charges and 8% interest on notes. Payment will be monthly according to collection of account receivables. On 31/10/2020 collected and paid 180,000, 30/11/2020 collected and paid its 250,000 and 31/12/2019 collected 250000. Required: Journalize all entries for the notes and its settlement during the period?

Walmart Inc (WMT) has the following excerpts from their financial statements       January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions)                            8,280                            6,516   *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022   Gross (Accounts) Receivables, January 31, 2022:                             $9,265 Million Gross Receivables, January 31, 2021:                                                $7,421 Million Accounts Written-off in FY 22                                                          $221 Million 2% of credit sales is assumed to be uncollectable   CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22

On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? O a. 2.500 debit to 100-Cash($) and credit to 646-Forex Gain O b. 2.500 debit to 656-Forex Loss and credit to 100-Cash($) O c. 2.500 debit to 100-Cash($) and credit to 656-Forex Lss d. 37.500 debit to 100-Cash(S) and credit to 646-Forex Gain

P Company had the following transactions with foreign businesses: Billing Currency Exchange Rate (Direct) Nature of Transaction Sold merchandise for 50,000 pesos Received 20% payment Received remaining amount owed Date July 15, 2021 July 20, 2021 July 30, 2021 Pesos $.70 .71 .66 Required: Prepare the journal entries required for each of the three dates above. You can assume that P Company's year-end is December 31.

Financial information of ABC Company for the year ended December 31, 2021.   Description   Debit   Credit   Cash on hand           40,000.00    Cash in bank         900,000.00    Petty cash fund           10,000.00    BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022         150,000.00    Financial assets at fair value         200,000.00    Financial assets at amortized cost      3,000,000.00    Investment in associate at equity method      1,000,000.00    Accounts receivable         580,000.00    Trade Notes receivable         100,000.00    Accrued interest on notes receivable           10,000.00    Advances to employees, collectible currently           30,000.00    Merchandise Inventory      1,500,000.00    Store supplies           50,000.00    Office supplies unused           30,000.00    Prepaid insurance           20,000.00    Land      1,500,000.00    Building      4,500,000.00    Equipment      1,000,000.00…

TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…

Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days Balance is Balance June Deposit Withdraw for the Day Unchanged * 1 20,000 20,000 * * 14 16,500 10,500 * 21 11,000 * * 30 16,500 4,000 a. Supply the correct data in the boxes marked with * b. What is the average daily balance for this account for the month of June? c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interest earned for this month?

Study this case and answer question asked below: You have the following quotes from Bank A & Bank B   Bank A: Bank B SPOT USD/CHF 1.4650/55 USD/CHF 1.4653/60 3-months 5/10   6-months 10/15   Cash/Spot 1/2   SPOT GBP/USD 1.7645/60 GBD/USD 1.7640/50 3-months 25/20   6-months 35/25   If you want to buy 1 million GBP Spot against CHF you have to pay Minimum Amount you have to pay is a. CHF 2.5866 Million b. CHF 2.5881 Million c. CHF 2.5875 Million d. CHF 2.5863 Million

Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory notes to our order due on 28.02.2023 to which interest of €500 is added (the company separates on 30.09.2022 the interest into: accrued and unearned accrued interest on notes receivable). Make the journal entry

Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5%…

14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL

Gia Company has the following information available: Cash pledged as collateral U.S. Treasury bill due in one month (purchased six months ago) U.S. Treasury bill due in one year (purchased yesterday) Cash in checking account $3,000,000 $3,000,000 $2,500,000 $400,000 What is the amount of Cash and Cash Equivalents to be reported on the balance sheet? O A. $0 O B. $3,400,000 O C. $400,000 O D. $5,900,000

On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a.7.500 debit to 100-Cash($) and credit to 646-Forex Gain b.7.500 debit to 100-Cash($) and credit to 656-Forex Loss c.37.500 debit to 100-Cash($) and credit to 646-Forex Gain d.7.500 debit to 656-Forex Loss and credit to 100-Cash($)

Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank-checking account $ 34,500 U.S. Treasury bills (mature in 60 days)*Footnote asterisk 7,000 Cash on hand (currency and coins ) 2,550 U.S. Treasury bills (mature in six months)*Footnote asterisk 22,000 Undeposited customer checks 3,040 * Footnote asterisk Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.

termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…

Partial payments are made on the dates indicated. Use the United States rule to determine the balance due on the note at the date of maturity.​ (The Effective Date is the date the note was​ written.) Assume the year is not a leap year.     Principal   Rate Effective Date Partial Payment Maturity Date Amount Date ​$10,100 8​% Sept. 1 ​$2,000 Oct. 1   Dec. 1       ​$3,000 Nov. 15   Question content area bottom Part 1 The balance due on the note at the date of maturity is $

Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 13,000 carvings to a wholesaler in a foreign country at a selling price of 650,000 foreign currency units (FCs) when the spot rate was FC1 = $0.758. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.798 and the spot rate was still FC1 = $0.758. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.774 and the forward rate was FC1 = $0.810. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.819. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward…

A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det in

QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %

4. MAKE THE NECCESSARY JOURNAL ENTRIES FOR FOREIGN CURRENCY TRANSACTIONS 1. X Company purchased 15.000 USD cash, for purchasing merchandise. Parity (rate) is 7,50 TL/ USD. Check is issued for currency purchase. 2. Merchandise is purchased for 8000 USD + %10 VAT. Cash (USD) paid for merchandise. Parity at Trasaction date is 7,30 /USD. VAT is on account. 3. Merchandise sold to Domestic Customer, for 30.000 USD + %10 VAT .Freight out is 5.400 TL + % 10 VAT.Customer issued a check ( USD). For purchase and note received for VAT. 4.Company opened 40.000 USD " Demand Deposit Account" in X Bank.Parity is 7,60 TL/ USD. 5.Vendor's open account is closed by transferring 12.000 USD from X Bank "Demand Deposit Account" .parity is 7,90 TL/USD.